Madison Realty Capital files plans to convert retail center to 185-unit mixed-use building in SI

Madison Realty Capital, on April 15, filed plans to convert a 55,000-square-foot retail complex into a 132,683-square-foot, 185-unit mixed-use building at 364 Bay Street in Thompkinsville, Staten Island. Zachary Kadden, managing director of development at Madison Realty Capital, filed the plans.

The developer took control of the complex through foreclosure proceedings back in 2012. According to a report at the time, Madison Realty Capital purchased the defaulted first mortgage note and second mortgage note with an unpaid principal balance of $2.9 million from a bank.

The plans call for the change in use and increase in size of the building from a 30-foot tall, two-story commercial building to a 65-foot tall, seven-story building with 185 dwelling units. This was filed with the New York City Department of Buildings under job number S00718381.

The project is described in the filing as: filing an Alt-Co-NB as an enlargement to an existing two-story and cellar commercial building to a seven-story and cellar mixed-use building with 185 apartments.

According to the plans, the ground floor of the building will remain retail. The second floor will be converted from retail space to 51 dwelling units. The third floor will have 21 dwelling units, the fourth floor will have 41 dwelling units, the fifth floor will have 35 dwelling units, the sixth floor will have 19 dwelling units, and the seventh floor will have 18 dwelling units.

The architect listed is Am Architecture PLLC.

Direct link to Acris documents. LINK

Direct link to DOB NOW Public Portal. LINK

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